The S&P 500 ends the jump session almost identically, with Reuters sold out a day later

Author: Caroline Valetkevitch

NEW YORK (Reuters) – A volatile session ended unchanged on Thursday as cross-sector finance helped support the market in the minutes of the Federal Reserve selling a hawkish trend and one day.

The S&P 500 financial index rose, extending recent strong gains. Other economically sensitive sectors also rose, including energy.

Banks were among the best financial performers, earning the S&P 500 banking index, a benchmark that has peaked since April 2021. [US/] Higher interest rates can increase profit margins for banks and other financial firms.

Shares of Meta Platform jumped and gave the S&P 500 and Nasdaq the biggest boost.

But the Dow was lower and the heavyweight S&P technology index also eased after a major drag on the S&P 500 on Wednesday, when the Fed’s December meeting indicated the possibility of a rate hike earlier than expected.

Investors will now see the U.S. Department of Labor’s monthly work report for Friday.

“We have an employment report tomorrow, and it remains the focus of the market in terms of labor market progression,” said Bill Northey, senior investment director of Wealth Management at the US Bank.

Wednesday’s private payroll report was stronger than expected, with Fed reports citing a “very tight” labor market and continued inflation.

According to preliminary data, the S&P 500 lost 3.77 points, or 0.09%, to 4,696.25 points, while the Nasdaq Composite lost 15.54 points, or 0.12%, to 15,084.64 . The Dow Jones Industrial Average fell 170.72 points or 0.47% to 36,236.39.

So far this week, market participants have moved away from high-tech growth stocks and stocks that are focused on stocks that tend to perform better in a high-interest environment.

Thursday’s data showed new numbers of Americans filing new unemployment benefits rose last week. In particular, activity in the U.S. service industry slowed more than expected in December, but supply gaps appeared to be easing.